Informing the other states of the European Economic Area of reorganisation measures

(1) Before issuing a reorganisation measure, in particular a measure under section 46, against a CRR credit institution, the Federal Institute informs the competent authorities of the other states of the European Economic Area. Where this is not possible, the competent authorities are to be informed immediately after the measure is issued. The same applies insofar as measures under section 46 are taken against a branch of an undertaking within the meaning of section 53 with its registered office outside the states of the European Economic Area. In this case, the Federal Institute informs the competent authorities of the other states of the European Economic Area in which the undertaking has established further branches. The provisions of section 8(3) to (7) remain unaffected.
(2) Reorganisation measures that affect the rights of third parties in a host member state, and against which remedies may be lodged, are to be published, without the part serving as their statement of reasons, in the official language or languages of the states of the European Economic Area concerned, without delay, in the Official Journal of the European Union and in at least two national newspapers of the host member states. The publication must state the body at which the statement of reasons is kept available, the subject matter and legal basis of the decision, the time limits for remedies, including the date on which they expire, the address of the Federal Institute as the authority deciding on an objection, and the address of the competent administrative court. The publication is not a condition for effectiveness.
(3) Reorganisation measures within the meaning of subsections (1) and (2) are measures under section 46 and section 6(3) that are intended to safeguard or restore the financial position of a CRR credit institution and that could affect the existing rights of third parties in a host member state of the European Economic Area, including measures that permit a suspension of payments or that serve to support the effectiveness of reorganisation measures of supervisory authorities of the European Economic Area. Reorganisation measures must be designated as such. With respect to reorganisation measures, sections 336, 337, 338, 340, and 351(2) of the Insolvency Code apply correspondingly to contracts for the use or acquisition of an immovable object, to employment contracts and employment relationships, to set-offs, to repurchase transactions within the meaning of section 340b of the Commercial Code, to debt conversion agreements and netting agreements, and to third parties' rights in rem, insofar as this Act does not provide otherwise.
(4) Subsections (1) and (2) do not apply where and insofar as only the rights of persons involved in the internal operating structure, and of managing directors and shareholders of a CRR credit institution, could be affected in one of these capacities. For CRR credit institutions that are not active on a cross-border basis, the notification and publication under subsections (1) and (2) are dispensable.
(5) The Federal Institute supports reorganisation measures of the authorities of the home member state at a CRR credit institution with its registered office in another state of the European Economic Area. Where it considers the implementation of reorganisation measures necessary at a CRR credit institution with its registered office in another state of the European Economic Area, it informs the competent authorities of that state of this.